% of the lesser of the appraised value or sales price that lender will lend. Principles of Real Estate 2 Champions School of Real Estate - Quizlet NOTE: leases for more than one year must be in writing, defines the rights and obligations of both landlord and tenant in the leasing of residential and commercial properties, Leadership in Energy and Environmental Design; a building certification for properties that are "green", servicing a property and its equipment in order to prevent mechanical failure and keep property values high, Building Owners and Managers Association; an organization that advocates on the part of building owners and managers, the property manager's employment contract with the owner, deterioration of a property due to delayed maintenance, the transfer of a tenant's rights and liabilities to another, the rent the property could currently command on the open market, the renal income as stipulated by the parties in a lease, Institute of Real Estate Management; affiliate of NAR and offers educational programs, International Council of Shopping Centers, lists all cash that came into and all expenses incurred by a property during the reporting period, advocacy on the part of building owners and managers, any property, real or personal, that is capable of being inherited, title acquired through hostile, actual, continuous occupation of the land fo the statutory period, evidence of an individuals' right to possess land, document that conveys an interest in real estate from one party to another, document that transfers ownership from the government to an individual. payment plan allows a borrower to pay only the interest for a specified number of years, typically for 3 to 10 years, making it possible for a borrower to have smaller monthly payments for a period of time, Contributions to buyer's closing cost that are limited to 6% of the sales price, USDA Rural Development Guaranteed Housing Loan program, Insured by the U.S. Department of Agriculture. Title remains with the lender until loan is repaid. Match the terms that follow with the appropriate definitions. The staff at Champions School is top notch! Take your license further with a Designation or Certification. Real estate prices in Germany remain the same, although overall sales are declining. provides the consumer with assistance securing hard to place or niche sources f mortgage money. founded in 1993 membership based non-profit organization that promotes sustainability in how buildings are designed, built, and operated. Principal of contribution the value of a property is equal to the sum of the contributory value of each of its component parts. interest rate a reserve bank charges eligible financial institutions to borrow money short term. PDF Champions school of real estate principles 1 quizlet Passed by Congress in 1968. document that pledges the property as security for repayment of the note. At Champions School of Real Estate, our number one focus is your successful career in the Real Estate industry. Liquidity} & \text{$\quad$companys management}\\ The document that pledges the property as security for repayment of the note, is recorded in the county in which the property is located. Helen Fortier February 10, 2022 Formerly known as the Federal National Mortgage Association (FNMA), Fannie Mae is the largest investor in home mortgages today. 40 pages. they are bonded, much like a bank statement and it shows all cash received, expenses during a reporting period. Frequently asked questions \end{array} Activitiesofmanagementengagedtospendcapitalinwaysthatareproductiveandwillhelpabusinessachieveitsobjectivesf. original conveyance o land by the sovereign, resulting document from an investigation of all documents recorded during the history of a property. Principle of Increasing and Decreasing Returns. a type of seller financing where in the owner retains title to the property while the purchaser takes possession of the premises and pays the principal. The Loan Estimate form combines elements of the Good Faith Estimate and the initial Truth In Lending disclosure into one. Achieve success through Business Etiquette. most conveyances are voluntary. period between rate changes monthly, 3 mo,6mo, 1yr, 3yr,5yr, 7yr. the interest rate a Reserve Bank charges eligible financial institutions to borrow on a short term basis, the rate remains fixed for the entire term of loan, an interest rate increases or decreases at specified intervals over the life of the loan, monthly payment includes principal, interest, taxes and insurance. ___________ 11. purchase title insurance either by grantor or grantee. Photographs of comparables Financial accounting} & \text{$\quad$obtain adequate funds for beginning}\\ grantee gives to the grantor, most common, best type of deed to have. something of value given in exchange for a conveyance. Type of asset-backed security that is secured by a mortgage or collection of mortgages. standard financial index used in U.S. capital markets, and can be found in the Wall Street Journal. d. Supply falls and demand is constant. Identify what will happen to the equilibrium price and equilibrium quantity in each of the following: a. & \text{\$876.34} & \text{\$800.00} & \text{\$1,009.56} & \text{\$30.00} & \text{\$29.67} & \text{ } & \text{\$18.00}\\ \hline Money that has value because the government has ordered that it be accepted in payment of debts. Reconciliation of values The loss in desirability of the style, layout, or function of an element of a property over time. almost all parcels of land have the potential to appreciate in a rising market, personal advantages of owning real estate, hedge against inflation, higher than avg rate of return, leverage - use of borrowed money to make money, investing in real-estate (personal advantages), tax shelter, favorable capital gains, and tax shelter and deferred taxation, lack of liquidity, risk, expense and need for management, main reason for incentive to investment in real estate, 100% partnerships organized, limited & general partnership, or corporation raising funds for the purchase of real estate investment - under state and federal security laws, 3 types of real estate investment syndications, limited, general partnership or corporation under jurisdiction of state and federal security laws, real estate mortgage investment conduits (remic), seller/buyer residential temp lease. power of sale under a mortgage in default. From the moment you start your education with Champions, we become an extension of your team by serving as a dedicated resource and providing you with the educational tools you will need to succeed in your new found career! Independent third-party appraiser will review the report, then verify the information. limited appraisal report & \text{$\quad$makers outside the organization}\\ only legal for personal property. ", "Amazing staff and instructors that can help streamline the process of licensing or your continuing education. & \text{g. An information system that measures,}\\ transaction, GMI x 28% =(House Payment as % of income), GMI x 36% =( Sum of regular debt plus house payment). increase in land area when water gradually withdraws, sudden addition or loss of land by river/ stream, something of value given in exchange for a conveyance, indicates the extent of the premises being conveyed. \end{array} If tenant moves out, owing rent, and leaves personal property, The government is the original owner of all land. allows funding of the repairs through a series of draws. examining of the public records and constructed a chain of title and an abstract of title. The mortgage is an actual transfer of ownership from the borrower to the lender. and no unpaid claims against the property. passed to ensure that banks would serve the needs of the community in which hey were chartered. tenancy of will person, corporation or firm, not in banking, that provides its own funds for mortgage financing. b) What confidence level did the pollsters use? Theprocessofproducingaccounting2. Havingenoughcashavailabletopay5. a. The grantor promises to warrant and defend title, but only against claims which may have arisen during his or her period of ownership. ___________ 3. loans including refinance transactions secured by a first or subordinate lien on residential real property that is improved with a new home, payment applied to interest not principal, scheduled variations in regular periodic payment amounts not caused by charges to the interest rate, payment 2x of that of regular periodic payment, interest rate increases after consummation but the rates that will apply or periods,are not known at consummation, interest rate changes after consummation but the rates that will apply or periods,are known at consummation. quizlette586240 Terms in this set (60) a use of property that is not in agreement with present zoning laws nonconforming use A method of valuing a property based on the monetary returns it can be expected to produce is the income approach land exempt from real property tax includes government office buildings, parks, schools less depreciation, plus land value. the loan origination market where borrowers and lenders negotiate mortgage terms. & \text{$\quad$information about an identifiable}\\ The percentage of value or sales price that a lender is willing to finance. It is prudent to improve property when the value added by the improvement exceeds cost of the improvement. promotes energy efficient products and buildings. Over 90% of our business is driven by word-of-mouth referrals from Real Estate Brokers, Sales Agents, Mortgage Loan Originators, Home Inspectors, and Appraisers. Appraisal certification, Appraisal Factors that affect loan approval, 1. Champions Advantage Choose Method $1080 9 Course Licensing and Renewal Program $1445 $1685 SAVE $240 Courses included: Six 30-Hour QE Courses Real Estate Exam Prep Course Three 30-Hour SAE Renewal Courses 4-Hour TREC Legal Update 1 4-Hour TREC Legal Update 2 Additional details: FREE Books / PDFs Included FREE Exam Prep Retakes for 1 Year ___________ 10. age of structure based off observed physical condition determined by the degree of maintenance and repair, uniform standards of appraisal practice- established by appraisal foundation. real estate investment trust; created by Congress in 1960, real estate mortgage investment conduits. Quick and easy check-out You can quickly pay through credit card or Stuvia-credit for the summaries. Financialaccountingobtainadequatefundsforbeginning8. tells NY desk to sell securities collecting payments from banks by reducing their reserve amounts. used to clear up cloud on title, no protection, no ownership claimed by grantor. 2.amount of any payment person designated to execute the terms of a will. 7. & \text{$\quad$form of financial statements to decision}\\ The market wherein loan originators, such as mortgage bankers and brokers, can sell their loans and thus, recover cash for originating more loans. DUST; demand, utility, scarcity, transferability. A legally enforceable declaration of how a person wishes his or her property to be distributed after death, one who benefits from something; a person who is left money or other property in a will or the like. Grantor implies ownership or the right to transfer title but does not provide a warranty of title, deed with no guarantees, warranties or covenants. borrowers rated a-f. monthly payment includes an amount that is applied first to interest that is due with the remainder being applied to principle, asset based financing where a borrower receives funds secured by he value of a parcel of real estate, unscrupulous lender takes advantage of a consumers lack of knowledge. Flashcard App | Champions School \text{SUMMARY} & \text{Balance} & \text{/ Credits} & \text{Transactions} & \text{Charge} & \text{Charge} & \text{Balance} & \text{Payment}\\ \hline Texas Principles 2 Scenarios Questions - Champions School of Real Estate Margaret Sullivan died in Texas without a will on file. no obligation o extend credit. The government's right to tax real estate. secure and fair enforcement for mortgage licensing-enhance consumer protection- and reduce fraud. Agreements that combine the sale of securities with an agreement to buy the securities back at a later date. for tax purposes- determined by tax authority- not reliable estimate of market value, sales comparison approach "market data approach", compares subject property charectoristcs with those of comparable properties which have recently sold. Theprocessofgeneratingandcommunicating10. Managerialaccountingandcontinuingtooperateabusiness9. uniform residential appraisal report aka fannie mae form 1004, Freddie mac form 70. value of subject property is increased by value of surrounding properties, absolute adjustments made to the comparable, considering those that are +/-, if similar properties in the market are selling at prices that yield and investor a return of x%, potential rate of return(income, return on investment, value), certain rate of return (income, return on investment, value), subdivision that includes locally owned commodities and common facilities. It also offers continuing education courses for. qualifies borrower based on proposed home payment and gross monthly income. PDF Final Exam For Real Estate Principles - annualreport.psg.fr lender has evaluated the borrower in the underwriting process. goes through items as they analyze the appraisal report for completeness and acceptable conclusions, independent 3rd party appraiser will be contracted to review the appraisal report then verify the accuracy, exterior only/ drive by inspection (low risk loans), gives greatest return in money or amenities. \text{9. The money that mortgage companies use to make loans comes from the sale of __________. The course provides students with an extensive foundational understanding of Real Estate terminology and professional obligations. | Life | Annual Rate | The term Residential Mortgage Loan Originator is mandated by the ______ Act, Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). must be done in some way, when a person dies intestate acquires property under provisions of the Texas statue, formal judicial proceeding to prove or confirm the validity of the will, gradual increase in land through natural force. The legal use that gives the greatest return in money and/or amenities. deffence against claims which have arisen suring grantor ownership. Demand falls by more than supply rises. Comprehensive Environmental Response, compensation, and Liability Act. passed by congress in 1968. passed to protect consumer from fraud in the sale or lease of land. You can do it, we can help! Is the gradual loss of land over time as the land bordering a river or stream washes away, missing "links" or breaks in the chain of title, The original conveyance of land by the sov- ereign is usually done with this document, Historically, when one was interested in acquiring title, he or she would ask an attorney, or abstractor, to do a title search that would result in this. Activitiesofmanagementengagedtooperatethebusinessj. (needed when LTV is over 80%), Housing Assistance Program for veterans, The program is administered by the State of Texas, and is not related to the federal Department of Veterans Affairs (VA) program, A building certiFcation program for properties that are "green", Servicing a property and its equipment in order to prevent mechanical failure and keep property values high, An organization that advocates on the part of building owners and managers, The property manager's employment contract with the owner, Deterioration of a property due to delayed maintenance, Tite is conveyed when the deed is signed and, transfer of ownership against the will of the owner, Any change in the ownership of real property, foreclosure, bankruptcy, condemnation proceedings, adverse possession, intestate succession, and escheat. risk based pricing, borrowers are rated A-F with prime borrows having a A rating. \text{Revenue}&&\$5,000&\$160,000\\ a deed is considered to be delivered and accepted when it is delivered into escrow. doesn't indicate that they are legal owner, The government is the original owner of all land. RevenueEmployeeSalariesandWagesTravelExpensesOtherExpensesFixedElementPerMonth$50,000$36,000VariableElementPerCustomerServed$5,000$1,100$600ActualTotalforMay$160,000$88,000$19,000$34,500. The exchange of goods or services for other goods or services without the use of money. indication of a right to be on property,such as proof that the claimant has paid the ad valorem taxes, or an old deed, etc, an addition or an amendment to an existing will. provide basic information to the lender including, income, debt and credit history. Property and lender information The relationship between the amount of rent a specific property can command, and the value of the property to the owner. Investment instruments that are secured by pool of mortgages and are used to channel funds from securities markets to housing markets, Market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction. A letter from a title insurance company in which it commits to issuing a title insurance policy on the insured subject to certain conditions and requirements. part of income approach, used if there are a lot of rental properties in the area. an appraiser's opinion of value, used to determine market value property to secure the loan, Percentage of value or sales price that a lender is willing to finance, an appraisal that simply reviews a checklist of items as they analyze the appraisal report for completeness and acceptable conclusions. residential property is depreciated over how many years? It's simple! Let and take agreement state law requires law, real estate contracts and leases over a year to be in writing. Ethicsd. Additional support documents, 1. used when a notable number of rental properties are in the area, applies only to income-generating rental property, 1. cannot exceed 36% of the borrowers income, conventional loans that conform to fannie mae and freddie mac standards for purchase. TILA, FCRA, RESPA, ECOA. Certified Residential Appraiser Champions School of Real Estate-Principles of, Texas Real Estate Exam Prep Class - Champion, Principles of Real Estate 2 Champions MATH SE, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, The Cultural Landscape: An Introduction to Human Geography, AP Edition, Anderson's Business Law and the Legal Environment, Comprehensive Volume, David Twomey, Marianne Jennings, Stephanie Greene. foreclosure, bankruptcy, condemnation proceedings, adverse possession, intestate succession and escheat, process by which the government exercises its right of eminent domain, deathbed or oral will. tax-free capital gain of up to 250k if they lived there 2 out of the last 5 years. Mr. Manning, a former neighbor of Margaret's, claims that he and Margaret were "common law" married, and that it had been Margaret's dying wish to leave the house and all of its contents to him. These are the 4 rights of land. Associated Board of Realtors - helpful for residential buyers' agents, return on the property when it is sold for a profit, method of raising funds for the purchase of real estate, passive increase in the value of a parcel due to market forces, potential income of a property in the amount of rent that would be collected in a year, additional capital or property included in a transaction to even out the exchange. His opportunity cost is 7 percent. Theabilitytoearnenoughincometoattractandholdinvestmentcapitalg. 5. value set on the property for tax purposes. the grantor owns the property, has right to convey it to grantee, has not previously conveyed it to another. It increases the penalties for a federal conviction for mortgage fraud to a maximum of 30 years in prison and a ne of up to $1 million. The material (soil) that is deposited through the process of accretion that is the result of avulsion, erosion and reliction. charge for paying all or part of principal before due, paid to loan originator for originating and extending credit, items provided by persons other than the mortgage originator or creditor that you cannot shop for and will pay for at settlement (fees), provided by persons other than creditor, services you can shop for, paid at settlement, sum of sub totals of origination charges, services you can and cant shop for, land and title documents assessed by govt authority. value is maximized when there is a reasonable degree of homogeneity or sameness in a neighborhood. commercial property is depreciated over how many years? the legal use that gives the greatest return in money or amenities. when an individual acquires title from the rightful owner through hostile, actual, and continuous occupation of the land for the statutory period. Suppose that the battery life in both cases follows an exponential distribution. initial truth in lending disclosure. 2. Real Estate Principles #1 - Kevin Ward Real Estate Academy Kevin Ward Real Estate Academy Streamed 9 years ago Watch This Before You Spend $1000 Bucks ! prepared by an attorney, least likely to be contested. transfer of ownership against the will of owner. 6. The measure of money supply that includes only the forms of money that are readily available to spend: cash, checking account deposits, and travelers checks. supply is short, prices go up. Principles of Real Estate 1. sending monthly payment statements, and collecting monthly payments, maintaining records and balances. The process of producing accounting}\\ legal procedure where secured property is sold to pay unpaid note. Champions School of Real Estate - Licensing Classes and Online Courses Income approach Analysis lease where rental is based on gross recipts of the tenants business (shopping center), transfer of tenants rights and liabilites to another, right for tenant to match/ offer more than landlord may receive, transfer of rights/ leased space w liability remaining for lesee, act of mixing a clients fund w a brokers personal funds, education programs that lead to industry recognized designations, gives commercial real estate practicioneers an opertunity to further their buisness through education and networking, gives lanlord a picture of the finnancial health of the property. |---|---| ___________ 8. Theprocessofgeneratingandcommunicatingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. specifies requirements found in regulation z. price a wiling seller will sell for & price willing buyer will buy. Texas State Portion Real Estate Exam part 2.docx. divided into sections called "schedules," and must be delivered by the title company within 20 days of its receipt of the contract. & \text{j. PreviousPaymentsLateFinanceNewMinimumSUMMARYBalance/CreditsTransactionsChargeChargeBalancePayment$876.34$800.00$1,009.56$30.00$29.67$18.00\begin{array}{|c|c|c|c|c|c|c|c|} \hline Texas Real Estate License Qualifying Education (QE) - Champions School lender acquires property under foreclosure. offers the greatest protection of any deed. supplement to the body of a will; later addition to a will, individual who receives property from person who died intestate, Texas Promulgated Contracts-CHAMPIONS STUDY, Chinese 1: Chinese Hanzi to English and Pinyin, Champions School Principles of Real Estate II, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. transferring funds to a title or escrow company, sending monthly payment statements and collecting monthly payments, The ability to sell an asset and convert it into cash. homeowners who are at least 62 years of age can borrow against the equity in their property. 3. Choosing a Real Estate School is the first step to an exciting and eventful career in the Real Estate industry! Became private 1968, Federal Home Loan Mortgage Corporation (FHLMC) in 1970 for the purpose of purchasing mortgages in the secondary market, Government National Mortgage Association (GNMA), or Ginnie Mae, Was established in the United States in 1968 to promote home ownership wholly owned government association that operates the mortgage-backed securities program designed to facilitate the flow of capital. Rental survey housing assistance program; Texas Veterans Land Board, the right of a government to regulate and control the way that an individual uses his or her land, the government's right to tax real estate, the right of a government to take an individual's land if he or she dies without a will or heirs, the action of government seizure of land for the good of the public, the right of the government to take private land for public use, the sum of energy used during the life cycle of a product. Find the annual double-declining-balance (200% method) rate of depreciation. Over 90% of our business is driven by word-of-mouth referrals from Real Estate Brokers, Sales Agents, Mortgage Loan Originators, Home Inspectors, and Appraisers. Accounting} & \text{a. 1. Given to attorney to write up, abstract of title given to attorney who gives their opinion regarding the state of the title and its ability to be transferred. Having enough cash available to pay}\\ 2 categories Residential Loans are divided into: If a residential property contains ____ or more living units, the sale is considered a commercial it gives notice of moving in, the passive increase of the value of a parcel due to market forces. Per Adjustment Cap/Lifetime Cap/ Initial Adjustment Cap, Includes both real and personal property ( fixtures and furnishings), The monthly house payment includes principal, interest, taxes and insurance (known as PITI). Site description not related to va. 30 year fixed rate loan, financial and administrative resource that helps provide essential services and affordable housing based on income, right of govt to control the way land is used, area of land separating one land use from another. most reasonable price a property should bring in a competitive open market. Equal Credit Opportunity Act; passed in 1974, ensures equal chance for credit. We make it easy and convenient! Shorter version of the appraisal report for underwriting, rather than requiring a full appraisal report, which includes interior inspection. Ethics} & \text{d. The process of generating and communicating}\\ set by state of texas dept of insurance, based on properties value using sliding scale. most important aspect is that cost does not equal value, most important aspect of principle of contribution, cost does not equal value (for exampleswimming pool), forces acting on a parcel of land are always affecting the value of the land, the purchase price is affected by the expectation of future appeal and benefits. requires an application. FERA also increases the statute of limitations for mortgage fraud from 5 years to 10 years. TMARR Texas mold assessment and remediation rules, promotes sustainability in how buildings were designed, built and opperated, LEED Leadership in energy and environmental design, 3rd party certification program for high performance buildings. The lender transfers title back to the borrower when the loan is repaid. enacted by Congress in 1977 revised 1995, Passed 1974 ensures that all consumers are given an equal chance to obtain credit, U.S. federal law designed to protect consumers in credit transactions by requiring clear disclosure of key terms of the lending arrangement and all costs. (any charge or fee- not transfer), state and local fees on mortgage and home sales based on the loan amount or sales price of property, loans interest rate increases after consummation, added to index to determine interest rate, 1. permits additional borrowing on the same note and mortgage. The process by which the government exercises its right of eminent domain. There is no membership needed. Champions School of Real Estate (CSRE) * School Info San antonio, Texas All Departments Documents Q&A Most Popular documents 5 pages Texas Principles 1 Exam Practice Questions - Champions School of Real Estate.docx 2 pages exam-missed (1).pdf 21 pages Texas State Portion Real Estate Exam part 2.docx 5 pages An independent 3rd party appraiser will be contracted to review the appraisal report to verify accuracy of data, elements and procedures used. value is maximized when there is a reasonable degree of homogeneity in a neighborhood, principle of increasing and decreasing returns. ___________ 14. complete history of the title to the property, and includes all deeds, wills and other documents a ecting title. Conventional-loans that have no federal guarantees or insurance Buildings are not typical of the area original document of conveyance of land by the sovereign, investigation of all document that have been recorded relating to a property.
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